Jul 28, 2011 12:00pm EDT
, reduced spending on the wars in afghanistan and iraq and through targeted cuts to mandatory spending. it doesn't raise taxes and it doesn't touch medicare, medicaid or social security. again, this is not a perfect plan. i have been on the floor many times in favor of a balanced package that includes cuts to spending, domestic, defense and mandatory, but also includes increased revenues. the reid princess plan doesn't e those goals -- the reid plan doesn't achieve those goals but i hope we will get there eventually. this is not a proposal i would have written, but i'm one of more than 100 members of the senate and more than 535 members of congress, and i don't get everything i want. none of us here in congress get everything we want. that's the nature of compromise. that's the nature of democracy, and that's why the framers of the constitution created checks and balances in government. that's why they created two chambers in congress and three branches of government, and when you're a leader in government, you just don't have the luxury of drawing a line in the sand and walking away.
Jul 28, 2011 5:00pm EDT
though some would argue that it's the iraq and afghanistan war winddown savings that you would get, but whatever it is, it is larger than the house proposal and use that as the first cut by lifting the debt ceiling. but there would be a sequence of events that would happen after that to avoid what the senate democrats do not want, that the markets and the rating agencies cause the debt instruments, the u.s. treasury bills, to be downgraded, there needs to be certainty for those rating agencies for the united states government debt. and it could be achieved this way. that you have a brac-like committee, that being a committee that would be composed equally of republicans and democrats that would come up with a package that would then come back to each house, no amendments, up-or-down vote. but that the fail-safe backup in case that that committee were not able to come to agreement, or in the event that it came back to both houses and one of the houses did not pass it, that you would then have the mcconnell proposal which is that the president would request the increase of the debt a